Greens vow to push for 'tycoon tax' if the next federal election results in a hung parliament

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fairly difficult
Party leader Adam Bandt says 'people want Clive Palmer to send fewer texts and pay more tax'
The Greens have vowed to push Labor to adopt a new 40% tax on the "super profits" of big corporations if the forthcoming federal election results in a hung parliament.

The party's so-called "tycoon tax" would target mining companies and other big corporations and would raise $338bn in revenue over a decade, according to costings by the Parliamentary Budget Office (PBO) to be released on Monday.

The leader of the Greens, Adam Bandt, said the next election would be closer than people think and "a power-sharing parliament is the most likely outcome", resulting in negotiations with Labor on policy issues.

The Greens would seek to use a balance-of-power position to "kick the Liberals out" while pressing the next government to "make billionaire corporations pay their fair share of tax".

It is understood inequality and climate action would be the top priorities for the Greens in such negotiations, although the party is not setting specific conditions at this stage of the process.

Monday's announcement indicates the Greens see an opening to target progressive voters dissatisfied with Labor's attempts to minimise points of difference with the Coalition on tax policy, ahead of an election due by May next year.

"People want Clive Palmer to send fewer texts and pay more tax," Bandt said in a statement.

There are two parts to the proposed policy: one targeting non-mining companies, and the other targeting mining.

The first part of the proposed policy is a new super-profits tax applying at a rate of 40% from July 2022.

It would apply only to non-mining corporations with annual turnover of over $100m, and only to the profits that go above a certain level (known as a "super…
Daniel Hurst
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